Learn why Niching works and the often confused aspect that could be hiding cash flow haemorrhage!

Earlier this week, when discussing USP and Marketplace, I mentioned Niching. It could be argued that this term has been overused, but it has also not been fully understood. Many businesses straddle a number of different niche markets but fail to capitalise on them because they lump them all together and have one offering to suit all.

The great thing about true “niche marketing” is that it is no-cost, or at worst, low-cost, if it is done correctly. As I said earlier, those businesses that truly understand the power of niches and are prepared to devote the time to each one they serve, will give themselves a real edge. With niches, you can play in more than one sandbox!

With a company that has a number of different divisions, this might well be the case. If so, you may need to have a different “Strategy on a Page” for each one. This is the key importance for Market Space on the page; it defines the PAGE! If you are in a different market space then you need a different page, as your strategy and BGIs will be different.

It is really important to completely understand the niche or niches that you play in and understand what market space you operate in. The more defined you get on this, the clearer your strategy will be.

There is a great temptation for entrepreneurs to be easily distracted and to go off chasing “shiny pennies” just because they are there. Never mind that it wasn’t part of the strategy, or that it is not in our core market- place, it’s an opportunity! And off they go.

Having an entrepreneurial mindset is a great gift - but without the discipline of a clear strategy and a focus on doing what it takes to achieve it, success will always be elusive.

Within my own organisation, I have three very distinct and different divisions, and each one occupies a different market space. I have DLD Private, which is my consulting business and where I do one-to-one consulting with clients from all over the world. I deal with companies and divisions that are ￡10m - ￡100m and, as a result of that, it has a very specific strategy around it.

Next, I have deri.live, which manages my speaking business. I speak on strategy but I also draw from my experiences as a mountaineer and extreme sportsman to inspire a spirit of adventure in wider genres and talk on flow, high performance and life design.

Naturally, I have a different strategy around this as it is another sandbox.

However, I do also speak internationally so immediately my strategy is different for that. I also work though a speaking manager and agent, so I have a different page to accommodate this side of the business and the page is owned by the agent, not me.

In addition to this, I have https://altitudesystem.com/ - we’ve built Altitude Systems for CEOs, business leaders that want to build better businesses & build better lives. One of our big strap lines is “live a life of no regrets”.? That’s our intent within this ecosystem that we’re building, and there are four core products and aspects to that.

One is on the strategy side, business strategy. One is life design. One is time mastery. One is the whole piece, which is more around the longevity bio-hacking energy space.

So you can see I have three pages already. How many pages do you have?

Market space will help you define this. What I find in a lot of companies and a lot of entrepreneurs is they are running multiple companies under one banner and it should be split out because they don’t have any clarity or visibility across those companies.

A recent example of a company I came in and dealt with, he had four companies operating under one. It looked like he was making profit, but we couldn’t tell because all of his numbers and all of his revenues were flowing in under one company.

When we actually split them all out properly, what became very clear was that one company was making money and one company was haemorrhaging money because it was a new start-up. Another of the company’s companies was losing money and the other one was a bit of a question mark. By splitting them out, we were able to make strategic choices quickly rather than just have money being diverted to the wrong places.

So what is you “niche”?

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